The Residuary Body for Wales (Capital Finance) Regulations 1995 No. 101

SCHEDULE MODIFICATIONS TO CERTAIN PROVISIONS OF PART IV OF THE 1989 ACT

3.  Section 53 shall have effect as if:—

(a) in subsection (1)—

(i) at the beginning there were inserted the words “Subject to subsection (1A)”; and

(ii) for the words “shall issue to each local authority” there were substituted the words “shall issue to the Residuary Body”; and

(b) after subsection (1) the following subsection were inserted—

“(1A) A basic credit approval for the financial year beginning on 1st April 1994 shall be issued as soon as reasonably practicable after the establishment of the Residuary Body.”